The University of Texas endowment fund which is the second largest in the nation to Harvard just put 5% of its money into PHYSICAL GOLD! This equates to 1 billion dollars in physical Gold. Peter Schiff believes that this is very big news.
He says that, “Fund managers are trained to trade in paper instruments — stocks, bonds, futures, options. For someone charged with managing money for a fund like the University of Texas to decide to take physical delivery of massive amounts of gold, that manager must have lost faith that US markets will continue to function in the coming years.
I’ve worked on Wall Street my entire career and I’ve never known fund managers to stick their necks out on any investment. They are entrusted with billions of other people’s money, and their safest bet is to follow conventional wisdom. That way, if there are any losses, they can say, “look, everyone else was doing the same thing.” These guys and gals move like a herd of buffalo.
That’s one reason this news is so exciting. U of T has opened the doors for US institutions to start diversifying into physical gold, as I’m sure they’ve been wanting to do for some time. This may be a watershed moment in driving gold demand in this $350 billion sector — and beyond into hedge funds, mutual funds, pension funds, and sovereign wealth funds.
I encourage you to look where the smart money is looking. The US dollar is hitting new lows and out of second chances. The writing is on the wall. It’s time to diversify at least 5-10% of your assets into physical precious metals before this new gold rush begins in earnest. ”